Global Vegetable Concentrates Market Overview
Vegetable Concentrates Market Size was estimated at 45.46 (USD Billion) in 2022. The Vegetable Concentrates Industry is expected to grow from 47.8(USD Billion) in 2023 to 75.08 (USD Billion) by 2032. The Vegetable Concentrates Market CAGR (growth rate) is expected to be around 5.15% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Vegetable Concentrates Market Trends Highlighted
A noticeable shift in consumer attitudes, highlighting increasing preferences towards convenient and healthy food options, is the main driver of growth in the Vegetable Concentrates Market. The widespread growth of e-commerce has led to the easy availability of vegetable concentrates, thus increasing the size of the market. The improvement of technology in food processing has enabled the manufacture of unique vegetable concentrates that are appetizing, more nutritious and have a longer shelf life.
Some key market growth influencers include increasing health concerns, rapid urban population growth, and enhancing disposable income in developing economies, contributing to an urban middle class. There are prospects for new vegetables, meat alternatives, and the use of vegetable concentrates in functional foods. Transformations of the market cover the use of more attractive and environmentally friendly practices, the development of individual nutrients based on a new type of vegetable concentrate, and the fast expansion of e-commerce specialized in healthy organic food products.
Vegetable Concentrates Market Drivers
Rising Demand for Convenience Foods
Due to the fast-paced pace of life, which the target audience attempts to meet, people consume convenience foods more and more frequently. There are numerous ways to use vegetable concentrates, which solve the problem set by the modern consumer, including quick and straightforward addition of color and flavor to any dish. As a means of making dishes more appealing while adding nutrients, vegetable concentrates can be used in a wide range of processed products and other food items, which are highly popular among consumers who want to economize cooking time.In conclusion, as the trend of consuming convenience products is expected to grow, the vegetable concentrates industry is likely to experience huge forward leaps throughout the next few years.
Health and Wellness Trends
As customers are becoming progressively health-conscious, the demand for food products which provide a range of nutritional benefits, has certainly been growing. According to Murray et al., vegetable concentrates are a rich source of vitamins, minerals, and antioxidants necessary for good health. Hence, they prove to be an excellent way to ensure that one’s diet is high in vegetables and meets daily nutritional needs. At the same time, low calories and fat content also make them an ideal choice for individuals who want to manage their weight.The focus on health and wellness is driving the consumption of vegetable concentrates because customers want to use the opportunity to obtain an increasing number of nutrients with the help of just one ingredient.
Expansion of Foodservice Industry
The foodservice industry is a major consumer of vegetable concentrates. Restaurants, cafes, and other foodservice establishments use vegetable concentrates to enhance the flavor and nutritional value of their dishes. The expansion of the foodservice industry, particularly in emerging markets, is creating new opportunities for vegetable concentrate manufacturers. As more consumers dine out and seek out new and flavorful culinary experiences, the demand for vegetable concentrates is expected to rise in the coming years.
Vegetable Concentrates Market Segment Insights
Vegetable Concentrates Market Nature Insights
The Vegetable Concentrates Market is segmented by nature into organic and conventional. The organic segment is expected to be the fastest-growing segment over the forecast period, due to the rapid growth in the organic food and beverages industry. Expanding health consciousness and rising disposable incomes are boosting the demand for organic vegetable concentrates. The organic vegetable concentrates market is expected to reach a valuation of 15.4 billion by 2024, expanding at a CAGR of 5.8%. Meanwhile, the conventional segment is forecast to experience steady growth in demand during the forecast period.Organic vegetable is anticipated to remain popular and experience an expanded market share during the forecast period. However, conventional products are more affordable and widely available, which could keep sales at a steady level on account of demand from consumers who require a large volume of vegetable concentrates. The market for conventional vegetables is projected to reach a valuation of 32.7 billion by 2024, expanding at a CAGR of 4.5%. In conclusion, the nature segment of the Vegetable Concentrates Market presents significant opportunities for growth.The fast-growing market for natural and organic products will benefit the organics segment, while the steady growth of the conventional segment is underpinned by product availability and affordability.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Vegetable Concentrates Market Source Insights
The source segment plays a crucial role in determining the quality and characteristics of vegetable concentrates. Fruits and vegetables are the primary sources used in the production of vegetable concentrates. Fruits - Fruit concentrates offer a wide range of flavors and colors to the market. - Key fruits used include berries, citrus fruits, and tropical fruits. - The rising demand for natural and healthy food products is driving the growth of the fruit concentrate market. Vegetables - Vegetable concentrates provide essential nutrients and enhance the flavor of various food products.- Major vegetables used include tomatoes, carrots, onions, and garlic. - The increasing adoption of plant-based diets and the growing popularity of convenience foods are contributing to the growth of the vegetable concentrate market. In 2023, the vegetable concentrates market from fruits is valued at USD 22.5 billion and is projected to reach USD 33.1 billion by 2032, exhibiting a CAGR of 4.6%. The vegetable concentrates market from vegetables is valued at USD 18.3 billion in 2023 and is estimated to reach USD 27.6 billion by 2032, growing at a CAGR of 4.9%.
Vegetable Concentrates Market Application Insights
The application segment of the Vegetable Concentrates Market is bifurcated into Food Beverages, Pharmaceuticals, and Cosmetics Personal Care. Among these, the Food Beverages segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. This growth is attributed to the rising demand for vegetable concentrates in food processing industries, including in the preparation of soups, sauces, snacks, and beverages. The Pharmaceuticals segment is expected to witness significant growth owing to the increasing use of vegetable concentrates in the production of nutraceuticals and supplements.The Cosmetics Personal Care segment is also anticipated to exhibit steady growth due to the growing demand for natural and organic ingredients in skincare and haircare products.
Vegetable Concentrates Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the Vegetable Concentrates Market. In 2023, the offline distribution channel accounted for a larger share of the market, driven by the extensive network of supermarkets, hypermarkets, convenience stores, and grocery stores. However, the online distribution channel is anticipated to exhibit robust growth in the coming years. The increasing penetration of e-commerce platforms, coupled with the convenience and wide selection offered by online retailers, is fueling the growth of the online channel.By 2032, the online distribution channel is projected to capture a significant share of the Vegetable Concentrates Market, driven by the growing consumer preference for online shopping.
Vegetable Concentrates Market Regional Insights
The Vegetable Concentrates Market segmentation by region offers insights into the market's regional performance and growth prospects. In 2023, North America dominated the market, accounting for around 38.5% of the revenue. Europe stood as the second-largest market, capturing approximately 27.9% of the share. The APAC region is projected to witness significant growth over the forecast period, driven by the rising demand for convenience foods and the increasing popularity of plant-based diets. South America and MEA are also expected to contribute to the market's growth, albeit at a slower pace.Key factors influencing regional market growth include population growth, urbanization, changing consumer preferences, and government regulations promoting healthy eating habits.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Vegetable Concentrates Market Key Players And Competitive Insights
Major players in the Vegetable Concentrates Market industry are constantly striving to gain a competitive edge in the market. Leading Vegetable Concentrates Market players are investing heavily in research and development to introduce innovative products that cater to the evolving needs of consumers. The Vegetable Concentrates Market industry is characterized by intense competition, with key players adopting various strategies to increase their market share. Mergers and acquisitions, strategic partnerships, and collaborations are common in the Vegetable Concentrates Market industry as players seek to expand their product portfolio, geographical reach, and customer base. The competitive landscape of the Vegetable Concentrates Market industry is expected to remain dynamic in the coming years, with new entrants and established players vying for a greater share of the market.Campbell Soup Company is a leading player in the Vegetable Concentrates Market industry. The company has a strong brand presence and a wide distribution network, which gives it a competitive advantage in the market. Campbell Soup Company offers a diverse range of vegetable concentrates, including tomato paste, tomato sauce, and vegetable stock. Consumers use the company's products for various culinary applications, such as cooking, baking, and soup making. Campbell Soup Company has a strong focus on innovation and product development, which has enabled it to maintain its position as a leading player in the Vegetable Concentrates Market industry.Nestlé is a major competitor in the Vegetable Concentrates Market industry. The company has a presence and a diverse product portfolio, which includes vegetable concentrates, culinary aids, and frozen foods. Nestlé offers a wide range of vegetable concentrates, including tomato paste, tomato sauce, and bouillon cubes. Consumers use the company's products for various culinary applications, such as cooking, baking, and soup making. Nestlé has a strong focus on sustainability and ethical sourcing, which has contributed to its positive brand image among consumers. The company's reach and diverse product portfolio give it a competitive advantage in the Vegetable Concentrates Market industry.
Key Companies in the Vegetable Concentrates Market Include
Vegetable Concentrates Market Industry Developments
The vegetable concentrates market is projected to reach USD 75.08 billion by 2032, exhibiting a CAGR of 5.15% during the forecast period (2024-2032). This growth can be attributed to the increasing demand for convenience foods, clean label ingredients, and natural and organic products. Vegetable concentrates are widely used in food and beverage applications, including soups, sauces, and processed foods. The rising health consciousness among consumers is also driving the demand for vegetable concentrates, as they provide a concentrated source of nutrients and antioxidants.Recent news developments in the vegetable concentrates market include the acquisition of Florida Chemical Company by Ingredion Incorporated, a leading provider of ingredient solutions. This acquisition strengthens Ingredion's position in the vegetable concentrates market and expands its product portfolio. Another notable development is the launch of a new line of organic vegetable concentrates by The Hain Celestial Group, Inc. These concentrates are made from non-GMO vegetables and are free from artificial colors, flavors, and preservatives.
Vegetable Concentrates Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 45.46(USD Billion) |
| Market Size 2023 | 47.8(USD Billion) |
| Market Size 2032 | 75.08(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.15% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Ingredion, McCormick Company, Sensient Technologies, Symrise, Cargill, Firmenich, Chr. Hansen, Mane, Tate Lyle, Kerry Group, Givaudan, Archer Daniels Midland, Naturex |
| Segments Covered | Nature, Source, Application, Distribution Channel, Regional |
| Key Market Opportunities | Cleanlabel formulations Diversification into new markets Growth in the convenience food sector Increasing awareness of health benefits rising demand in developing economies |
| Key Market Dynamics | Rising demand Health consciousness Convenient consumption Product diversification Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The vegetable concentrates market was expected to reach a valuation of 47.8 billion USD by 2023.
The vegetable concentrates market is projected to grow at a CAGR of 5.15% from 2024 to 2032.
The North America region is expected to dominate the vegetable concentrates market throughout the forecast period.
Vegetable concentrates are widely used in food and beverage manufacturing, as well as in the pharmaceutical and cosmetics industries.
Key competitors in the vegetable concentrate market include ADM, Cargill, and Sensient Technologies.
Increasing consumer demand for healthy and convenient food products is a major factor driving the growth of the vegetable concentrates market.
Fluctuating raw material prices and intense competition from synthetic flavors are among the key challenges faced by the vegetable concentrates market.
Expansion into emerging markets and the development of innovative products are key opportunities for growth in the vegetable concentrates market.
Clean label and organic vegetable concentrates are key trends in the vegetable concentrates market.
The vegetable concentrates market is expected to reach a valuation of 75.08 billion USD by 2032.
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